Crime & Bond Insurance Coverage
Crime and Bond Coverage provides coverage for sports leagues and associations against financial loss caused by the dishonest disappearance of money, securities, or other negotiable instruments by an officer.
Embezzlement and theft claims are on the rise among sports organizations, so groups with significant cash flows are recommended to have bond coverage, even if they do not hold the funds for a long time period.
Bonds are normally provided for limits of $25,000, $50,000, and $100,000. Other limits are available upon request.
Example of Claim: After an audit, it is discovered that the Treasurer has been writing checks to himself out of the treasury funds for fictitious reimbursements totaling $20,000.